President Park Geun-hye (L) consoles the bereaved family members of the deceased former Prime Minister Nam Duck-woo, during a visit to his memorial altar installed at a Seoul hospital on May 20, 2013. Nam passed away at the age of 89 two days ago. Nam, who had a doctorate in economics from Oklahoma State University, was appointed finance minister by Park’s father and former President Park Chung-hee in 1969. Thereafter, he led the country’s rapid economic development until 1982, when he ended his public career as prime minister.